Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The brokerage sector continues to see high trading activity, with expectations for sustained high growth in future performance, suggesting active allocation [2][4] - In the insurance sector, listed insurance companies reported significant growth in value, premiums, and profits in Q3, with a notable performance in the growth/technology-dominated equity market, challenging the traditional view of insurance investment as merely dividend-based [2][4] - The report indicates a potential for continued valuation recovery in the short term, supported by the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement [2][4] Summary by Sections Brokerage Sector - Trading activity remains high, with daily average transaction volume at 20,438.27 billion, up 1.56% week-on-week, and a daily turnover rate of 2.09%, up 3.64 basis points [5][40] - The report recommends active allocation in the brokerage sector due to the expected recovery in profitability and stability in commission rates [4][40] Insurance Sector - The cumulative premium income for the insurance industry reached 52,146 billion, with a year-on-year increase of 8.76%, driven by a 10.19% increase in life insurance premiums [22][23] - The report highlights the significant growth in premium income for major insurers, with New China Insurance reporting a 17% increase in premium income for the period from January 1 to October 31, 2025 [6][27] - The insurance sector is expected to see a valuation recovery, supported by improved asset allocation towards bonds and equity [22][27] Market Performance - The non-bank financial index increased by 0.2% this week, with a year-to-date increase of 7.6%, although it ranks lower compared to the broader market [5][18] - The report notes a mixed performance in the non-bank sector, with the insurance sector up 2.6% while the brokerage sector saw a decline of 0.9% [18][20] Financing Activities - In October, equity financing increased to 501.42 billion, up 20.4% month-on-month, while bond financing decreased to 6.56 trillion, down 19.2% [50] - The report anticipates an increase in stock underwriting scale due to new refinancing regulations, while bond underwriting will be influenced by interest rate changes [50] Asset Management - The report indicates a decline in new issuance of collective asset management products, with a total of 41.83 billion units issued in October, down 37.3% from the previous month [54] - The asset management sector is entering a recovery phase as the transition period for new regulations approaches its end [54]

证券日报网讯香溢融通（600830）11月17日在互动平台回答投资者提问时表示，截至2025年11月10日， 公司股东户数为3.26万户。 ...

Core Viewpoint - The company, Paul International Development (00372.HK), anticipates a loss of at least approximately HKD 30 million by September 30, 2025, compared to a loss of about HKD 48 million in the same period of 2024, primarily due to increased gross profit from stock brokerage income and reduced unrealized fair value losses from investments [1]. Financial Performance - The company reported a gross profit increase due to higher stock brokerage income, which improved the gross profit margin during the period [1]. - The unrealized fair value loss from the investment in AFC Mercury Fund decreased compared to the same period in 2024 [1]. - There was no one-time net gain from the termination of a subsidiary's consolidation during the period, while a one-time net gain of approximately HKD 16 million was recorded in the same period of 2024 [1]. Market Performance - As of November 17, 2025, the stock closed at HKD 0.36, reflecting a 41.18% increase with a trading volume of 1.05 million shares and a turnover of HKD 348,800 [1]. - The company has a market capitalization of HKD 77.1993 million, ranking 109th in the diversified financial industry [1]. Key Financial Metrics - Return on Equity (ROE): -85.58%, compared to the industry average of -10.37%, ranking 123rd [1]. - Market Capitalization: HKD 77.1993 million, with the industry average at HKD 689.6 million, ranking 109th [1]. - Revenue: HKD 189 million, while the industry average is HKD 2.496 billion, ranking 44th [1]. - Net Profit Margin: -63.12%, compared to the industry average of -1247.62%, ranking 97th [1]. - Gross Profit Margin: 5.65%, against the industry average of 48.67%, ranking 40th [1]. - Debt Ratio: 71.09%, compared to the industry average of 40.41%, ranking 105th [1].

Market Overview - The diversified financial sector experienced a decline of 0.22% on November 17, with the electric power investment sector leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers in the diversified financial sector included: - *ST Rendo (002647): Closed at 7.66, up 3.65% with a trading volume of 207,700 shares and a turnover of 157 million [1] - Zhejiang Dongfang (600120): Closed at 6.95, up 2.36% with a trading volume of 1,106,100 shares and a turnover of 766 million [1] - Haide Co. (000567): Closed at 8.00, up 2.04% with a trading volume of 479,300 shares and a turnover of 379 million [1] - Major decliners included: - Electric Power Investment (000958): Closed at 7.08, down 3.01% with a trading volume of 1,942,200 shares and a turnover of 1.404 billion [2] - Xiangman Rongtong (600830): Closed at 10.14, down 2.22% with a trading volume of 108,100 shares and a turnover of 110 million [2] Capital Flow - The diversified financial sector saw a net outflow of 298 million from institutional investors, while retail investors experienced a net inflow of 200 million [2] - Specific stock capital flows included: - Zhejiang Dongfang (600120): Institutional net outflow of 48.03 million, retail net inflow of 80.69 million [3] - *ST Rendo (002647): Institutional net inflow of 16.53 million, retail net outflow of 8.36 million [3] - Electric Power Investment (000958): Significant institutional net outflow of 14.04 billion [2]

Investment Rating - The report suggests a focus on the brokerage sector, indicating that the sector has a price-to-book (PB) ratio of 1.41x, which is considered undervalued compared to its performance [1] Core Views - The report emphasizes the resilience and stability of the capital market, highlighting the need for a more inclusive and attractive regulatory framework, improved quality and value of listed companies, and effective regulatory enforcement [1][41] - The brokerage sector has underperformed the market by 13 percentage points year-to-date, despite a projected high profit growth for the year [1] - The insurance sector shows a significant increase in asset allocation, with total funds reaching 37.46 trillion yuan, a 12.6% increase year-on-year [3][37] Summary by Sections Brokerage Sector - The brokerage sector has seen a 4% increase year-to-date, lagging behind the broader market [1] - The current PB ratio is 1.41x, indicating a potential for price appreciation given the expected high profit growth [1] - Recommendations include focusing on brokerage firms with strong quarterly performance that are still undervalued [2] Insurance Sector - As of Q3 2025, the total asset size of the insurance industry reached 40.4 trillion yuan, reflecting a 12.5% increase from the beginning of the year [37] - The allocation of insurance funds has shifted, with a notable increase in equity investments, which now account for 10% of total investments [3] - The report anticipates a double-digit growth in new insurance premiums for 2026, driven by strong investment performance in 2025 [4] Market Dynamics - The report notes that the average daily trading volume of A-shares was 20,123 billion yuan, a decrease of 13.5% week-on-week [15] - The report highlights the significant growth in new equity fund issuance, which totaled 4,820 million units from January to October 2025, a year-on-year increase of 175.9% [15] - The insurance sector's premium income showed mixed results, with some companies experiencing growth while others faced declines in specific months [36]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 险资 Q3 核心权益资产规模大幅提升；市场 成交量环比小幅下滑 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 11 月 16 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024/11/18 2025/3/18 2025/7/16 2025/11/13 非银金融 沪深300 相关研究 《保险资金运用数据点评：2025Q3 核 心权益资产规模大幅提升，债券占比 下降》 2025-11-15 《财富管理系列报告之三——权益财 富管理未来可期，券商分享权益财富 管理发展红利》 2025-11-13 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 11 月 10 日-2025 年 11 月 14 日 ...

截至2025年11月14日收盘，香溢融通（600830）报收于10.37元，较上周的9.96元上涨4.12%。本周，香 溢融通11月11日盘中最高价报10.5元。11月10日盘中最低价报9.94元。香溢融通当前最新总市值47.11亿 元，在多元金融板块市值排名25/27，在两市A股市值排名3538/5165。 本周关注点 业绩披露要点：前三季度归母净利润7177万元，同比增长25%。 股本股东变化：截至2025年11月10日，公司股东户数为3.26万户。 机构调研要点：公司持续深化普惠金融实践，协同融资租赁、典当等工具服务中小微企业。 尊敬的投资者，您好!2025年前三季度，面对内外部环境的复杂多变，公司全体员工齐心协力，振奋精 神，攻坚克难，取得了较好的工作业绩。一是两大业务实现均衡发展，经营实力稳步提高。2025年前三 季度，营业总收入3.49亿元，利润总额达到1.36亿元，实现了收入与盈利的双重提升。二是夯实管理基 础，提升管理水平。全面推动"制度完善提升、分子公司治理、员工能力素质提升、岗位责任制优化、 基础管理标准化规范化"等五大行动的深入实施，管理根基更加牢固。三是加强党的建设，政治生态持 续优化 ...

截至2025年11月14日收盘，中关村科技租赁(01601.HK)报收于0.87港元，与上一交易日持平，成交量3.6 万股，成交额3.12万港元。投行对该股关注度不高，90天内无投行对其给出评级。 中关村科技租赁(01601.HK)发布公告，于2025年11月14日，本公司与基金合伙人订立基金合伙协议，以 成立及运营注册资本为人民币2.2亿元(相当于约2.41亿港元)的基金，其中的人民币5890万元(相当于约 6462.66万港元)由本公司认购，占基金总承诺出资额的26.77%;人民币100万元(相当于约109.72万港元)由 北京中诺(于本公司收购完成其股权后，其将成为本公司的一间全资附属公司)认购，占基金总承诺出资 额的0.45%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 中关村科技租赁港股市值4.29亿港元，在多元金融行业中排名第56。主要指标见下表： | 指标 | 中关村科技租 賃 | 多元金融 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 10.21% | -10. ...

| 指标 | 中国会融国际 | 多元金融 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | -20.48% | -10.37% | 99 129 | | 港股流通市值 | 6.25 乙 | 70.44亿 | 47 129 | | 营业收入 | 126.5万 | 24.96亿 | 115 129 | | 净利率 | 1000.61% | -1247.62% | 2 129 | | 毛利率 | | 48.67% | | | 负债率 | 13.03% | 40.41% | 35 129 | 中国金融国际(00721.HK)发布公告，于2025年10月31日未经审核的每普通股的综合资产净值约为0.02港 元。 截至2025年11月14日收盘，中国金融国际(00721.HK)报收于0.06港元，下跌1.75%，成交量1064.0万股， 成交额59.73万港元。投行对该股关注度不高，90天内无投行对其给出评级。 中国金融国际港股市值6.25亿港元，在多元金融行业中排名第47。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457103 ...

国银金租港股市值48.19亿港元，在多元金融行业中排名第17。主要指标见下表： | 指标 | 国银金租 | 多元金融 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 12.4% | -10.37% | 14 129 | | 港股流通市值 | 48.19 Z | 70.44 Z | 17 129 | | 营业收入 | 249.94 Z | 24.96 Z | 3 129 | | 净利率 | 19.93% | -1247.62% | 43 129 | | 毛利率 | | 48.67% | | | 员债率 | 90.04% | 40.41% | 121 129 | 国银金租(01606.HK)发布公告，公司作为出租人与承租人哈尔滨市双城区华热绿色电力有限公司及卖方 湖南三一智慧新能源设计有限公司于2025年11月14日(交易时段后)订立融资租赁安排，据此，公司作为 买方与承租人及卖方订立转让合同，同意以代价人民币15亿元向卖方购买交易标的，及公司作为出租人 与承租人订立融资租赁合同，同意向承租人出租租赁物(即交易标的)，租赁期为216个月。 截至2025年11月14日 ...